5656 Circle Park Dr Park #5594

Rock Hall, MD 21661

$105,000D+

2 bd · 2.0 ba · 800 sqft · Built 2025 · SingleFamily · Active · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,005/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$175
• HOA: −$0
• Vac / Maint / Mgmt: −$211
• Net cashflow: $68/mo
• Annual: $818/yr
• Cap rate: 7.07%
• Cash-on-cash: 2.78%
• DSCR: 1.12
• 1% rule: 0.96%
• Cash to close: $29,400

Investor read

• This is a 2-bed/2.0-bath single-family listed at $105k. Condition is rated excellent.
• At list price, monthly cash flow is $68 ($818/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $100k (4.3% below list).
• It's been on market 78 days — a 6% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 55/100 on livability (#413 in MD) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A; Watch: schools F, amenities F, commute F.
• Kent County Public Schools (rural): math 10% / reading 28% proficiency, ranked #20 of 24 in MD (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 50 active listings in the ZIP; 50 units permitted in Kent County in 2024 (0 in 5+ unit buildings).
• Kent County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 7.1% vs local median 1.1% in Rock Hall — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.